Dec 7, 2010

Scotts Miracle-Gro to Sell its Global Professional BusinessSource: ScottsMiracle-Gro

The Scotts Miracle-Gro Co., announced that it has received a binding offer from ICL to acquire the shares and substantially all the assets of ScottsMiracle-Gro’s Global Professional business for $270 million, subject to certain adjustments at closing.

ICL is an Israel-based manufacturer of fertilizer and specialty chemicals.

According to Jim Hagedorn, chairman and chief executive officer, ScottsMiracle-Gro, the sale “is another step in our strategy to become a more focused consumer business.”

The Global Professional business markets professional products to commercial nurseries and greenhouses for ornamental horticulture; sports fields, golf courses and public parks for professional turf applications; and specialty agriculture in North America, Europe, the Middle East, Africa, Latin America and Asia-Pacific. The U.S. professional seed business is not included in this offer.

The sale is expected to close in the company’s second quarter of fiscal 2011.

GPN recognizes 40 industry professionals under the age of 40 who are helping to determine the future of the horticulture industry. These individuals are today’s movers and shakers who are already setting the pace for tomorrow.